I feel like 'living in squalor' is an exaggeration, or at least a separate category from what a lot of young engineers are doing in the Bay Area. Maybe if they were living in SF, sure, they could be living in dinghy studios.
I know plenty of new grads in the South Bay/Peninsula living in apartments or rented houses that would be considered decent or nice in the rest of the country with plenty of money to spare. Mostly at bigger, established companies though. Anecdotal, I know, but it definitely seems like there's a portion of new grads living comfortably in the bay area.
Living somewhere and owning property are very different though.
I know plenty of new grads in the South Bay/Peninsula living in apartments or rented houses that would be considered decent or nice in the rest of the country with plenty of money to spare. Mostly at bigger, established companies though. Anecdotal, I know, but it definitely seems like there's a portion of new grads living comfortably in the bay area.
Living somewhere and owning property are very different though.